New York is going to be the destination for yet another Nokia event this Wednesday, when the Finnish phone manufacturer along with software giant Microsoft is expected to unveil its next generation Windows Phone 8 offering on the sizzling September 5 event. A Reuters report quoting analysts have suggested that this will be the final moment for both the companies to grab a big chunk in the smartphone arena.

"Nokia bet everything on Windows 8, and if this doesn't succeed the next step might be having to do what's best for shareholders, and that might include selling off key assets or selling the whole company," Cannacord Genuity analyst Michael Walkley said in a Reuters report recently.

Nokia has planned the event shortly before the potential Apple announcement regarding the next iPhone. If the two announcements happen, it is important for Nokia to gain consumer attention in the week-long period before the media and the tech community shift focus towards Apple, which is obvious.

At the same time to maintain the curiosity, Nokia has managed all the way to hide its next-gen device from the press being able to get an idea of what their new Lumia smartphones would look like. However, the tech media world gossipers are really good at their jobs and have recently come out with various image leaks of the supposed Lumia 920 and Lumia 820 – disclosing many features of upcoming Lumia line.

The latest leak has come from the end of folks at TheVerge, who have suggested in their report that the Lumia 820 and 920 handsets will feature an 8 megapixel camera and would include the technology wireless charging using the Qi wireless standard. The Qi powered system under the hood lets both handsets to charge wirelessly on a charging pad, which has got a small tail.

Moreover one of the image leak also revealed a colorful Bluetooth headset that will be counted in Nokia"s future accessories lineup. At the same time both the new Lumias are reportedly suggested to house an 8 megapixel camera. Not a very good news, as earlier rumors were rife that the Lumia 920 will have 41-megapixel camera, similar to the Nokia 808 handset.

However, reports also suggest that the Lumia 920 will borrow some of the features of the PuewView technology, including the image stabilization capabilities and camera software. Interestingly, the new Lumia 920 will have a 1.3MP front camera, which was lacking in the older models.

Besides the charging aspect, the Lumia 920 is rumored to sport a 4.5" HD display, 1GB RAM, 1.5Ghz dual-core SoC, 32GB onboard storage, 1.3MP front shooter, while the Lumia 820 may arrive with 1.5Ghz dual-core processor, a full gigabyte of RAM, 8GB of flash storage with memory expandable support up to 32GB via microSD card slot and more.

Apple iPhone 5 – A Big Challenge?

Undoubtedly Nokia made an impact when it unleashed, Nokia Lumia 800 in 2011, followed by Nokia Lumia 900 in the recent past. One of the most interesting event was, when shortly after the launch of Lumia 900, a news came swirling in the media that , Apple's speech recognition software Siri said 'Lumia 900' – when it was questioned about the best smartphone ever. While, the Cupertino-based tech giant Apple is also gearing up to announce the next version of the iPhone on September 12, there is a possibility that Nokia could challenge the official unveiling of Apple iPhone 5.